Minister says saying that the mini-budget is a ‘downstream economy’ is left-wing nonsense mini-budget 2022

The settlement minister described the proposal that the chancellor’s mini-budget would be “interrupted economies” as left-wing “nonsense”.

Simon Clark made the comments before the tax cut budget was announced on Friday.

The right’s economic theory that cutting taxes on corporations and higher-income earners will enable benefits to “flow” into the pockets of the poorest of the poor has become political football this week, as the prime minister pushes through the tax cuts.

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Although described as a “mini” budget, Friday’s announcements are expected to be far-reaching. Despite this, the plans were not subject to the usual analysis of the Office of Budget Responsibility.

When asked about this, Clark said the Balance Sheet Office said it was too short a lead time for him to complete “the usual quality of analysis he would provide.” He later indicated that he was not asked to do so, saying, “They will be required to do this form along with subsequent events later this fiscal year.”

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Clarke said on Sky News shortly before the budget on Friday morning: “This whole term is nonsense and is itself a wrong, center-left description of what this government is about. We need to grow the economy because a more successful economy is good for everyone.” .

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The settlement minister said he wanted to see growth return to levels it was before the 2008 crash and that Friday’s announcements would go beyond the long-delayed cancellation of the National Insurance hike.

Clark said the chancellor would say the most successful economy created a “benign circle” of money going into public services.

Pat McFadden, the Treasury’s shadow secretary, said the expected announcements aren’t actually a plan for growth.

He said on BBC Breakfast: “What it appears today is that the government is taking a huge gamble with public finances by taking a series of measures and putting it all on borrowing, describing it as a plan for growth.”

McFadden repeated Labor’s call for an additional tax on oil and gas companies and said the government did not appear to be trying to collect any revenue.

“This isn’t really a plan for growth, it’s a return to some very old Tory politics based on the belief that if you make those already very wealthy even richer, it will pass on to the rest of us.”

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He said that “volatility and chaos” posed a threat to stability, adding: “It will be the third change in National Insurance in six months. It is the legislative equivalent of digging a hole and filling it again.”

Clark, a former Treasury Secretary, also defended his decision to change his position to support a reversal of the rise in National Insurance.

“I have served the current government and with a new prime minister come new perks – but to be clear we will be behind the investment in the NHS and social care that Boris Johnson has announced as prime minister. We will only pay for it with general taxation and not through a tax,” he told Sky News. specific”.

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